SEOUL—South Korea’s transport ministry said on Aug. 14 it would ban some 20,000 BMW vehicles from the streets amid mounting public fears about engine fires. The driving ban comes after 27 engines went up in flames between January and July, which prompted BMW’s Korea unit to apologize last week and a recall of 106,000 diesel […]

Tesla Inc’s board named a special committee of three directors on Aug. 14 to evaluate possibly taking the electric carmaker private, although it said it had yet to see a firm offer from the company’s chief executive, Elon Musk. The Silicon Valley billionaire last week said on Twitter he wants to take Tesla private at […]

Coca-Cola Co. is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, it said on Tuesday, seeking to mount a stronger challenge to PepsiCo’s Gatorade. Coca-Cola’s investment in BodyArmor—which will make it the brand’s second largest shareholder—comes as its Powerade drink steadily cedes market share to Gatorade. Coke has […]

WASHINGTON—Tesla CEO Elon Musk clarified his comments about securing funds to take the electric-car maker private, saying that his “funding secured” tweet last week was based on repeated and ongoing discussions with Saudi Arabia’s sovereign wealth fund, which owns 5 percent of the company. “Going back almost two years, the Saudi Arabian sovereign wealth fund […]

BRUSSELS—Independent music labels group Impala has called on EU antitrust regulators to block Sony Corp’s bid to become the world’s largest music publisher with its $2.3 billion offer for control of EMI, saying the combination would have too much market power. Sony announced the deal in May, the boldest strategy move by its new CEO […]

VF Corp., which rose to prominence on the strength of its Lee and Wrangler jeans, wants to pivot away from denim to focus on the faster-growing trends such as athleisure and outdoor apparel. The spinoff to shareholders, which will allow VF to retain trendier brands like North Face, Timberland, and Vans, should be completed in […]

NEW YORK—Citigroup Inc. said on Aug. 13 that Jud Linville, the head of global cards and consumer services, is leaving the company as part of a reorganization of executives in its global consumer banking businesses. David Chubak, currently global retail banking head, will also oversee global branded cards and consumer lending, the bank said. Anand […]

Amicus Therapeutics on Aug. 13 set an average price of $315,000 per year for its newly approved Fabry disease treatment, a price it believes is below that of the main existing treatment in the United States. Galafold—approved on Aug. 10 by U.S. regulators—is the first new Fabry disease treatment in the country in over 15 […]

The summer of 2008 was a fraught time for Porsche engineers. An all-new challenger bested many of its record track times on Germany’s Nurburgring, the car world’s unofficial arbiter of bragging rights. To make matters worse, it didn’t come from Munich or Maranello. It came from Japan. Nissan Motor Co. dubbed it the GT-R. With a price of just […]

SEOUL—Samsung Electronics Co Ltd is considering suspending operations at one of its mobile phone manufacturing plants in China due to slumping sales and rising labor costs, the Electronic Times reported on Aug. 13. Samsung might stop producing mobile phones this year at Tianjin Samsung Telecom Technology, located in the northern Chinese city of Tianjin, the […]

During his contentious 1987 confirmation hearings for the U.S. Supreme Court, Judge Robert Bork told senators that being on the court would be an “intellectual feast.” That’s how I feel sometimes about the phenomenon of Uber, Lyft, Airbnb, and the other platforms—labeled “the sharing economy”— that are powered by the extraordinary matching capabilities of the internet. They’re […]

SAN FRANCISCO—Doug Field, who stepped down as the senior vice president of engineering at Tesla Inc last month, is returning to Apple Inc, Apple told Reuters on Thursday. Field will be working with Apple executive Bob Mansfield, who has been heading up Apple’s self-driving car program, Project Titan, according to Daring Fireball, a technology news […]

Urban Outfitters Inc., American Eagle Outfitters Inc., and other retailers are filling stores with styles from the 1990s in a bet that fanny packs, chunky-soled sneakers and high-waisted “mom jeans” will lift back-to-school sales. U.S. apparel retailers, hurt by more consumers shopping online and declining mall traffic, have been starved for a major new fashion […]

Tribune Media Co. said on Aug. 9 it had terminated a $3.9 billion deal to be acquired by Sinclair Broadcast Group and was suing Sinclair for breach of contract after regulators objected to the acquisition that was supported by U.S. President Donald Trump. Tribune filed the lawsuit against Sinclair, the largest U.S. broadcast station owner, […]

Facebook Inc. is removing content related to instructions on 3D printing of firearms, a company spokesperson said on Aug. 9, as debate around access to gun in the United States intensifies. “Sharing instructions on how to print firearms using 3D printers is not allowed under our Community Standards. In line with our policies, we are removing […]

Tribune Media Co terminated its $3.9 billion sale to Sinclair Broadcast Group on Thursday and sued Sinclair for breach of contract, claiming the rival TV-station owner mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators. Sinclair, the largest U.S. broadcast station owner with 192 […]

SYDNEY—Standard & Poor’s said on Aug. 10 it has settled a lawsuit in Australia over claims by pension funds and local governments that the credit rating firm had overlooked risks when awarding high ratings to opaque investments that imploded in the global financial crisis. Australia’s Federal Court approved the settlement on Aug. 9, S&P said […]

SAN FRANCISCO—Uber will have to navigate around a new regulatory pothole in New York on an already bumpy road to its initial public offering of stock next year. New York City is imposing a one-year moratorium on ride-hailing licenses in Uber’s largest U.S. market, raising the specter that other cities may adopt similar crackdowns as […]

Twitter CEO Jack Dorsey and Vice President Del Harvey said they plan to further “evolve” the social-media platform’s policies to counter “hate speech,” after discussions with company employees regarding controversial radio host Alex Jones. While Facebook, Apple, Google, Spotify, and others booted many of Jones’ pages, channels, and podcasts for violating “hate-speech” policies, Twitter didn’t […]

Walt Disney Co. Chief Executive Officer Robert Iger gave an upbeat view of his plans for new video streaming services and the takeover of 21st Century Fox Inc., even as earnings missed estimates due to film write-offs. ESPN+, the $5-a-month online sports service launched in April, is attracting more subscribers than forecast, Iger said Aug. […]

Mining heavyweight BHP said on Aug. 9 the federal court of Minas Gerais approved an agreement with Brazilian authorities that settled a 20 billion reais ($5.30 billion) lawsuit over the 2015 Samarco dam failure. The company said it had separately agreed to pay $50 million as part of a settlement for a class action complaint […]

TOKYO—Mazda Motor Corp, Suzuki Motor Corp and Yamaha Motor Co conducted improper fuel economy and emissions tests on their vehicles, Japan’s transport ministry said on Aug. 9. The report is the latest episode in a growing list of data falsifications in Japan that has tarnished the image of the country’s manufacturing industry, known for high-quality, […]

It wasn’t so long ago that Leanne Caret, head of Boeing Co.’s defense division, was warning of a grim future for one of the planemaker’s marquee fighter jets. As finance chief of the business, Caret helped draft a disclosure tucked into the company’s 2014 annual report saying production of the F/A-18 Super Hornet was at […]

BEIJING/SHANGHAI—Tesla Inc. has started hiring for a new factory in Shanghai, according to job postings on its website, just a month after the U.S. electric vehicle (EV) maker signed agreements with local authorities for the $2 billion project. The website showed the automaker was looking to fill 14 roles, including architectural designer and senior finance […]

Elon Musk’s plan to privatize Tesla could make it the largest leveraged buyout in history, according to Bloomberg. With current debt levels at $10.9 billion, and a track record of losses since its Initial Public Offering (IPO) in 2010, Musk’s announcement to purchase the company at $420 per share comes at a time when the […]

NEW DELHI—Indian ride-hailing firm Ola said on Tuesday it plans to launch services in Britain this year, months after expanding operations in Australia, intensifying its rivalry with U.S. peer Uber Technologies Inc. Ola has obtained licenses to begin operations in South Wales in September, as well as Greater Manchester, and plans to expand nationwide by […]

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